LONGi’s revenue increases 34% on monocrystalline solar product demand in 2018

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
LONGi Green Energy Technology experienced a revenue increase of 34.3% on strong global demand for monocrystalline products in the release of its  preliminary ‘express’ annual report. Image: LONGi

Leading monocrystalline wafer producer and ‘Solar Module Super League’ (SMSL) member LONGi Green Energy Technology experienced a revenue increase of 34.3% on strong global demand for monocrystalline products in the release of its  preliminary ‘express’ annual report.

LONGi reported preliminary unaudited revenue of RMB 2,198,761.49 million (US$3.27 billion) in 2018, up 34.3% from the prior year.

LONGi reported preliminary unaudited revenue of RMB 2,198,761.49 million (US$3.27 billion) in 2018, up 34.3% from the prior year.

The company said that despite the 16.58% year-on-year decline in PV installations in China, which reached around 44.26GW, after the 531 New Deal was implemented, subsequent product (polysilicon, wafer, cell and module) price declines, notably in the second-half of the year had stimulated the growth of demand overseas.

Demand led to both a significant increase in monocrystalline wafer demand as PV module manufacturers shifted increasingly to high-efficiency products as well as the sale of its own modules through its subsidiary, LONGi Solar.
  
Recently, LONGi Green Energy announced plans to invest approximately US$773 million in expanding monocrystalline ingot and wafer capacity at three sites in China, bringing capacity to 45GW.

However, the noted steep price declines impacted net profit. LONGi reported a net profit of RMB 255,796.41 million (US$381 million) in 2018, a 28.24% decrease from the previous year.

LONGi reported a net profit of RMB 255,796.41 million (US$381 million) in 2018, a 28.24% decrease from the previous year.

The profit decline was limited, due to the significant increase in product sales, manufacturing scale and cost reductions as well as technical advancements and product upgrades in the year but also hampered by the impact of provisions for inventory depreciation.

Read Next

July 23, 2021
China could install up to 65GW of solar this year, driven largely by a surge in demand for distributed solar installations, while average solar deployment could reach 90GW per year in the years leading up to 2025.
July 16, 2021
Finlay Colville, head of market research at PV Tech Research, explores the critical themes behind the solar industry’s transition from p-type to n-type cell production before previewing PV CellTech Online 2021.
July 15, 2021
Legislation that would ban the import of all products from China’s Xinjiang region into the US has taken a critical step forward, passing the US Senate.
July 13, 2021
Solar PV capacity in Asia Pacific could triple to 1,500GW by 2030, with China driving deployment and Indonesia set to be the region’s fastest-growing market, according to Wood Mackenzie.
PV Tech Premium
June 25, 2021
Yesterday the US government ended months of speculation by enacting a withhold and release order (WRO) on solar imports to the US linked to specific polysilicon providers in China suspected of having used forced labour. Liam Stoker analyses what we know so far and, crucially, what the industry still needs to know before it can proceed.
June 24, 2021
The cost of building and operating new utility-scale PV is now cheaper than running existing coal plants in China, India and across much of Europe. However, rising commodity prices could see PV projects become temporarily more expensive in the second half of 2021, according to BloombergNEF analysis.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
July 29, 2021
Webinar
Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021